M&A Deal Summary

Biscuit International Acquires Continental Bakeries

On October 22, 2021, Biscuit International acquired food company Continental Bakeries from Goldman Sachs Merchant Banking, The Silverfern Group and Cerea Partners

Acquisition Highlights
  • This is Biscuit International’s 5th transaction in the Food sector.
  • This is Biscuit International’s 2nd transaction in the Netherlands.

M&A Deal Summary

Date 2021-10-22
Target Continental Bakeries
Sector Food
Buyer(s) Biscuit International
Sellers(s) Goldman Sachs Merchant Banking
The Silverfern Group
Cerea Partners
Deal Type Add-on Acquisition

Target

Continental Bakeries

Dordrecht, Netherlands
Continental Bakeries is a bakery group that specializes in the production and sale of cookies, biscuits, bread replacement products, and snack bases. Continental Bakeries focuses on private label products and a number of great own brands such as Haust, Gille, Grabower, Bussink, Brinky, and Continental Bakeries. Continental Bakeries was founded in 1593 and is based in Dordrecht, Netherlands.

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Buyer(S) 1

Buyer

Biscuit International

Paris, France

Category Company
Sector Food
Employees1,900
Revenue 500M EUR (2018)
DESCRIPTION

Biscuit International is a European manufacturer of private-label sweet biscuits, including traditional, as well as organic, low-sugar and eco-friendly products. Biscuit International is based in Paris, France.


DEAL STATS #
Overall 5 of 5
Sector: Food M&A 5 of 5
Type: Add-on Acquisition M&A Deals 5 of 5
Country: Netherlands M&A 2 of 2
Year: 2021 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-03 Danesita

Coimbra, Portugal

Danesita is a manufacturer of biscuits, cakes, and butter cookies. Danesita has 2 production facilities in Portugal with 16 production lines, an installed capacity of 60 thousand tons, and we export to 70 countries (78% of our production). Danesita was founded in 1978 and is based in Coimbra, Portugal.

Buy -

Seller(S) 3

SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 110 of 126
Sector: Food M&A 3 of 3
Type: Add-on Acquisition M&A Deals 38 of 43
Country: Netherlands M&A 2 of 3
Year: 2021 M&A 17 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-13 Aston Lark

London, United Kingdom

Aston Lark is an independent insurance broker specializes in commercial insurance, private client insurance, and employee benefits advice, and operates from 27 regional offices, serving over 100,000 customers and placing in excess of £350 million of the annual premium. Aston Lark was formed in 2017 and is based in London.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-11 Belfry

Sutton Coldfield, United Kingdom

Belfry is a provider of leisure, conference and golf destination, featuring 320 rooms, a 25,000-square foot fitness center and spa, and 20,000 square feet of meeting space. Belfry was founded in 1977 and is based in Sutton Coldfield, United Kingdom.

Buy -
DESCRIPTION

The Silverfern Group is an asset management firm focused on investing in private equity, real estate, and private debt transactions on behalf of institutional investors and single family offices. The Firm will consider opportunities across North/South America, Europe, and Asia. Within its private equity practice, Silverfern makes direct, co-control middle-market private equity investments requiring $20 to $50 million of equity per transaction. Sectors of interest include energy, financial services, food, hospitality, IT, power equipment rental, renewable energy, telecom, transportation, and waste management. The Silverfern Group was established in 2001 and is headquartered in Greenwich, Connecticut.


DEAL STATS #
Overall 7 of 10
Sector: Food M&A 1 of 1
Type: Add-on Acquisition M&A Deals 4 of 6
Country: Netherlands M&A 1 of 1
Year: 2021 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-21 Gordian Medical

Irvine, California, United States

Gordian Medical is a provider of advanced wound care, ostomy, urology, and tracheostomy supplies and services. AMT provides both critical care supplies and clinical support services to skilled nursing facilities and other post-acute care settings across the United States. The Company assists healthcare providers in managing the treatment of more than 250,000 wounds annually. Gordian Medical was founded in 1994 and is based in Irvine, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-20 Paladone

Shoreham-by-Sea, United Kingdom

Paladone is a seller of a broad assortment of licensed consumer products. Paladone’s products are sold all across the globe in all tiers of retailers including specialty retail, online, department, fashion and mass-market stores. Paladone was founded in 1994 and is based in Shoreham-by-Sea, United Kingdom.

Buy -
SELLER

Cerea Partners

Neuilly sur Seine, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 1.5B EUR
Size Large
Type Sector Focused
DESCRIPTION

Cerea Partners is a specialist investment firm focused on investing in and providing finance to agriculture and related sustainable food businesses. Cerea primarily targets companies in Western Europe and looks to invest in companies valued between €20 and €500 million. Prospective transaction situations includes LBOs, LBIs, OBOs, and spin-offs. Cerea Partners was formed in 2004 and is based in Paris, France.


DEAL STATS #
Overall 28 of 32
Sector: Food M&A 13 of 16
Type: Add-on Acquisition M&A Deals 7 of 8
Country: Netherlands M&A 2 of 2
Year: 2021 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-15 Hafner group

Saint-Galmier, France

Hafner group is a provider of pastries and fresh cakes for the general public. Hafner group was founded in 1929 and is based in Saint-Galmier, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-23 Chocmod

Lille, France

Chocmod is a producer of chocolate truffles. Chocmod produces a range of chocolate confectioneries that include chocolate-coated marshmallows and nougat. Chocmod was founded in 1948 and is based in Lille, France.

Buy -